SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following is a summary of the quarterly results of the Company for the years ended December 31, 2015 and 2014 (unaudited, in thousands, except for per share data):

	Year Ended December 31,												Year Ended December 31
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2015:
Revenues	$	19,769		$	—		$	—		$	—		$	19,769
Operating expenses		22,057			25,322			35,844			30,748			113,971
Net loss		(1,192	)		(23,987	)		(34,435	)		(29,315	)		(88,929	)
Net loss per share:
Basic and Diluted	$	(0.01	)	$	(0.28	)	$	(0.40	)	$	(0.34	)	$	(1.05	)
Shares used in the calculation of net loss per share:
Basic and Diluted		80,349			85,518			85,856			86,184			84,496
2014:
Revenues	$	—		$	—		$	—		$	—		$	—
Operating expenses		12,725			14,361			16,857			20,468			64,411
Net loss		(11,842	)		(13,381	)		(15,875	)		(19,444	)		(60,542	)
Net loss per share:
Basic and Diluted	$	(0.17	)	$	(0.18	)	$	(0.21	)	$	(0.26	)	$	(0.81	)
Shares used in the calculation of net loss per share:
Basic and Diluted		70,260			75,879			75,948			76,139			74,577